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Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets GOODWILL AND OTHER INTANGIBLE ASSETS
The Company estimates the fair value of its reporting units using a market-based approach and an income approach with each approach given equal weighting. The market-based approach considers current trading multiples of earnings before interest, taxes, depreciation and amortization for companies operating in businesses similar to each of the Company’s reporting units, in addition to recent available market sale transactions of comparable businesses. The income approach estimates fair value utilizing a discounted cash flow analysis and requires judgmental assumptions about projected sales growth, future operating margins, discount rates and terminal values. If the estimated fair value of the reporting unit is less than its carrying value, the Company must perform additional analysis to determine if the reporting unit’s goodwill has been impaired.
As of December 31, 2019, the Company had three reporting units for goodwill impairment testing.
No goodwill impairment charges were recorded for the years ended December 31, 2019, 2018 and 2017 and no “triggering” events have occurred subsequent to the performance of the 2019 annual impairment test. The factors used by management in its impairment analysis are inherently subject to uncertainty. If actual results are not consistent with management’s estimates and assumptions, goodwill and other intangible assets may be overstated and a charge to net income may be required.
The following is a rollforward of the Company’s goodwill by segment ($ in millions):
 
Specialty Products & Technologies
 
Equipment & Consumables
 
Total
Balance, January 1, 2018
$
2,028.6

 
$
1,341.4

 
$
3,370.0

Foreign currency translation and other
(14.8
)
 
(29.7
)
 
(44.5
)
Balance, December 31, 2018
2,013.8

 
1,311.7

 
3,325.5

Foreign currency translation and other
(5.7
)
 
(13.8
)
 
(19.5
)
Balance, December 31, 2019
$
2,008.1

 
$
1,297.9

 
$
3,306.0


Finite-lived intangible assets are amortized over the shorter of their legal or estimated useful life. The following summarizes the gross carrying value and accumulated amortization for each major category of intangible asset as of December 31 ($ in millions): 
 
2019
 
2018
 
Gross
Carrying
Amount
 
Accumulated
Amortization
 
Gross
Carrying
Amount
 
Accumulated
Amortization
Finite-lived intangibles:
 
 
 
 
 
 
 
Patents and technology
$
302.6

 
$
(194.3
)
 
$
306.3

 
$
(180.7
)
Customer relationships and other intangibles
971.0

 
(552.9
)
 
975.7

 
(495.2
)
Trademarks and trade names
203.4

 
(43.2
)
 
190.7

 
(28.0
)
Total finite-lived intangibles
1,477.0

 
(790.4
)
 
1,472.7

 
(703.9
)
Indefinite-lived intangibles:
 
 
 
 
 
 
 
Trademarks and trade names
599.0

 
—

 
621.5

 
—

Total intangibles
$
2,076.0

 
$
(790.4
)
 
$
2,094.2

 
$
(703.9
)

In 2018, the Company determined that certain trade names in the Specialty Products & Technologies segment were finite-lived and the Company began amortizing these trade names as of January 1, 2018. The Company did not acquire any material finite-lived intangible assets during 2019 and 2018.
Total intangible amortization expense in 2019, 2018 and 2017 was $90 million, $91 million and $82 million, respectively. Based on the intangible assets recorded as of December 31, 2019, amortization expense is estimated to be $83 million during 2020, $78 million during 2021, $77 million during 2022, $73 million during 2023 and $66 million during 2024.